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please help!! Mercury Company has only one inventory pool. On December 31, 2021, Mercury adopted the dollar-value LIFO inventory method. The inventory on that date
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Mercury Company has only one inventory pool. On December 31, 2021, Mercury adopted the dollar-value LIFO inventory method. The inventory on that date using the dollar-value LIFO method was $200,000. Inventory data are as follows: Ending Inventory at Ending Inventory at Year Year-End Costs Base Year costs 2022 $231,000 $220,000 2023 299,000 260,000 2024 300,000 250,000 Required: Compute the inventory at December 31, 2022 2023, and 2024, using the dollar-value LIFO method. (Round "Year end cost index" to 2 decimal places.) Inventory Layers Converted to Base Year Cost Inventory Layers Converted to Cost Inventory DVL Cost Date Year-End Cost Index Year-End Cost Index Inventory at Year End Cost $ 200,000 $ 231,000 Inventory Layers Converted to Cost Inventory Layers at Inventory Base Year Layers at Base Cost Year Cost $ 200,000 Base $ 200,000 Base 2022 $ 12/31/2021 12/31/2022 0 0 12/31/2023 $ 299,000 Base 2022 2023 $ 0 12/31/2024 $ 300,000 Base 2022 2023 2024 $ 0 Step by Step Solution
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